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</style><table class="infobox ib-company vcard"><caption class="infobox-title fn org" style="font-size: 125%;">Plug Power Inc.</caption><tbody><tr><td colspan="2" class="infobox-image ib-company-logo logo"></td></tr><tr><th scope="row" class="infobox-label">Company type</th><td class="infobox-data category"><a href="Public_company" title="Public company">Public</a></td></tr><tr><th scope="row" class="infobox-label"><div style="display: inline-block; line-height: 1.2em; padding: .1em 0;"><a href="Ticker_symbol" title="Ticker symbol">Traded as</a></div></th><td class="infobox-data"><style data-mw-deduplicate="TemplateStyles:r1126788409">

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</style><div class="plainlist"><ul><li><a href="Nasdaq" title="Nasdaq">Nasdaq</a>: <a rel="nofollow" class="external text" href="https://www.nasdaq.com/market-activity/stocks/plug">PLUG</a></li><li><a href="Russell_2000" class="mw-redirect" title="Russell 2000">Russell 2000</a> component</li></ul></div></td></tr><tr><th scope="row" class="infobox-label"><a href="International_Securities_Identification_Number" title="International Securities Identification Number">ISIN</a></th><td class="infobox-data"><span class=""><a class="external text external" href="https://isin.toolforge.org/?language=en&isin=US72919P2020">US72919P2020</a></span></td></tr><tr><th scope="row" class="infobox-label">Industry</th><td class="infobox-data category"><a href="Alternative_energy" class="mw-redirect" title="Alternative energy">Alternative energy</a></td></tr><tr><th scope="row" class="infobox-label">Founded</th><td class="infobox-data">1997<span style="display:none"> (<span class="bday dtstart published updated">1997</span>)</span></td></tr><tr><th scope="row" class="infobox-label">Headquarters</th><td class="infobox-data adr"><div class="ib-company-locality locality"><a href="Latham%2C_New_York" title="Latham, New York">Latham, New York</a></div>, <div class="ib-company-country country-name">U.S.</div></td></tr><tr><th scope="row" class="infobox-label"><div style="display: inline-block; line-height: 1.2em; padding: .1em 0;">Key people</div></th><td class="infobox-data agent">Andrew Marsh (<a href="Chief_executive_officer" title="Chief executive officer">CEO</a>)<br>George C. McNamee (<a href="Chairman" class="mw-redirect" title="Chairman">chairman</a>)</td></tr><tr><th scope="row" class="infobox-label">Products</th><td class="infobox-data"><a href="Fuel_cell" title="Fuel cell">Fuel cell systems</a></td></tr><tr><th scope="row" class="infobox-label">Revenue</th><td class="infobox-data"><span class="nowrap"><span typeof="mw:File"><span title="Decrease"></span></span> <span style="white-space: nowrap"><a href="United_States_dollar" title="United States dollar">US$</a>628 million</span> (2024)<sup id="cite_ref-10-K_1-0" class="reference"><a href="#cite_note-10-K-1"><span class="cite-bracket">[</span>1<span class="cite-bracket">]</span></a></sup></span></td></tr><tr><th scope="row" class="infobox-label"><div style="display: inline-block; line-height: 1.2em; padding: .1em 0;"><a href="Earnings_before_interest_and_taxes" title="Earnings before interest and taxes">Operating income</a></div></th><td class="infobox-data"><span typeof="mw:File"><span title="Decrease"></span></span> <span style="color:red"> -US$-1,078 million (2024) </span> <sup id="cite_ref-10-K_1-1" class="reference"><a href="#cite_note-10-K-1"><span class="cite-bracket">[</span>1<span class="cite-bracket">]</span></a></sup></td></tr><tr><th scope="row" class="infobox-label"><div style="display: inline-block; line-height: 1.2em; padding: .1em 0;"><a href="Net_income" title="Net income">Net income</a></div></th><td class="infobox-data"><span typeof="mw:File"><span title="Decrease"></span></span> <span style="color:red"> -US$-2,104 million (2024) </span> <sup id="cite_ref-10-K_1-2" class="reference"><a href="#cite_note-10-K-1"><span class="cite-bracket">[</span>1<span class="cite-bracket">]</span></a></sup></td></tr><tr><th scope="row" class="infobox-label"><span class="nowrap"><a href="Asset" title="Asset">Total assets</a></span></th><td class="infobox-data"><span typeof="mw:File"><span title="Increase"></span></span> US$5.764 billion (2022)<sup id="cite_ref-10-K_1-3" class="reference"><a href="#cite_note-10-K-1"><span class="cite-bracket">[</span>1<span class="cite-bracket">]</span></a></sup></td></tr><tr><th scope="row" class="infobox-label"><div style="display: inline-block; line-height: 1.2em; padding: .1em 0;">Number of employees</div></th><td class="infobox-data">3,353 (2022)<sup id="cite_ref-10-K_1-4" class="reference"><a href="#cite_note-10-K-1"><span class="cite-bracket">[</span>1<span class="cite-bracket">]</span></a></sup></td></tr><tr><th scope="row" class="infobox-label">Website</th><td class="infobox-data"><span class="url"><a rel="nofollow" class="external text" href="http://plugpower.com">plugpower<wbr>.com</a></span></td></tr></tbody></table>

<p><b>Plug Power Inc.</b> is an American company engaged in the development of <a href="Hydrogen_technology" class="mw-redirect" title="Hydrogen technology">hydrogen</a> <a href="Fuel_cell" title="Fuel cell">fuel cell</a> and electrolyser systems that replace conventional batteries in equipment and vehicles powered by electricity. The company is headquartered in <a href="Latham%2C_New_York" title="Latham, New York">Latham, New York</a>, and has facilities in <a href="Spokane%2C_Washington" title="Spokane, Washington">Spokane, Washington</a>, and <a href="Rochester%2C_New_York" title="Rochester, New York">Rochester, New York</a>.

</p><p>Plug Power's GenDrive system integrates fuel cells manufactured by both Plug Power and <a href="Ballard_Power_Systems" title="Ballard Power Systems">Ballard Power Systems</a> and incorporates a hydrogen storage system that allows the system to "recharge" in a matter of minutes as opposed to several hours for <a href="Lead-acid_batteries" class="mw-redirect" title="Lead-acid batteries">lead-acid batteries</a>. It allows hydrogen-powered forklifts to run at a constant steady power. GenDrive units occupy the same space designed for conventional batteries.

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<div class="mw-heading mw-heading2"><h2 id="History">History</h2></div>

<p>Plug Power was founded in 1997 as a joint venture between <a href="DTE_Energy" title="DTE Energy">DTE Energy</a> and Mechanical Technology Inc. The company went public in October 1999.

</p><p>The company was subject to a shareholder class action complaint for securities fraud following the IPO for allegedly misleading statements about their fuel cell technology capabilities and on its material sales and distribution relationship with General Electric. By order dated October 30, 2000, the Eastern District of New York court consolidated the complaints into one action, entitled Plug Power Inc. Securities Litigation, CV-00-5553 (ERK) (RML).<sup id="cite_ref-2" class="reference"><a href="#cite_note-2"><span class="cite-bracket">[</span>2<span class="cite-bracket">]</span></a></sup> On December 29, 2004, the company settled the matter with the sum of $5 million paid by Plug Power company directors to plaintiffs.<sup id="cite_ref-3" class="reference"><a href="#cite_note-3"><span class="cite-bracket">[</span>3<span class="cite-bracket">]</span></a></sup>

</p><p>In February 2017, the company announced the first shipments of its ProGen fuel cell engines designed for electric delivery vehicles and the adoption of its GenDrive system by the <a href="USPS" class="mw-redirect" title="USPS">USPS</a> forklift fleet in <a href="Capitol_Heights%2C_Maryland" title="Capitol Heights, Maryland">Capitol Heights, Maryland</a>.<sup id="cite_ref-4" class="reference"><a href="#cite_note-4"><span class="cite-bracket">[</span>4<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-5" class="reference"><a href="#cite_note-5"><span class="cite-bracket">[</span>5<span class="cite-bracket">]</span></a></sup>

</p><p>In February 2020, the company introduced 125 kW Progen fuel cell engines for class 6, 7 & 8 trucks and heavy duty off-road equipment.<sup id="cite_ref-6" class="reference"><a href="#cite_note-6"><span class="cite-bracket">[</span>6<span class="cite-bracket">]</span></a></sup> In January 2021, <a href="SK_Group" title="SK Group">SK Group</a>, a major South Korean company, announced an investment of $1.5 billion in Plug Power for around 10% share. They will form a joint venture company in South Korea to supply hydrogen fuel cell products to Asian markets.<sup id="cite_ref-7" class="reference"><a href="#cite_note-7"><span class="cite-bracket">[</span>7<span class="cite-bracket">]</span></a></sup>

</p><p>In January 2021, the company signed a memorandum of understanding with French automobile manufacturer <a href="Renault" title="Renault">Renault</a>. The deal would launch a joint venture in France by the end of June 2021.<sup id="cite_ref-8" class="reference"><a href="#cite_note-8"><span class="cite-bracket">[</span>8<span class="cite-bracket">]</span></a></sup>

</p><p>On March 2, 2021, Plug Power filed a Notification of Late Filing with the U.S. Securities and Exchange Commission stating that it could not timely file its annual report for the period ended December 31, 2020. On March 16, 2021, the company announced that they would have to restate financial statements for fiscal years 2018 and 2019 as well as some recent quarterly filings.<sup id="cite_ref-9" class="reference"><a href="#cite_note-9"><span class="cite-bracket">[</span>9<span class="cite-bracket">]</span></a></sup> It is subject to an ongoing shareholder class action lawsuit for securities fraud over alleged misrepresentations and/or failures to disclose its inability to timely file its 2020 annual report and material weaknesses in its internal controls over financial reporting.<sup id="cite_ref-10" class="reference"><a href="#cite_note-10"><span class="cite-bracket">[</span>10<span class="cite-bracket">]</span></a></sup>

</p><p>Due to the rarity of <a href="Hydrogen_infrastructure" title="Hydrogen infrastructure">hydrogen infrastructure</a>, Plug Power delivers several mobile refueler solution for transit agencies and trucking fleet customers.<sup id="cite_ref-11" class="reference"><a href="#cite_note-11"><span class="cite-bracket">[</span>11<span class="cite-bracket">]</span></a></sup>

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<div class="mw-heading mw-heading2"><h2 id="References">References</h2></div>

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</style><cite class="citation web cs1"><a rel="nofollow" class="external text" href="https://www.macrotrends.net/stocks/charts/PLUG/plug-power/revenue">"Plug Power Revenue 2010-2023 | PLUG"</a>.</cite></span>

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<li id="cite_note-2"><span class="mw-cite-backlink"><b><a href="#cite_ref-2">^</a></b></span> <span class="reference-text"> <cite class="citation report cs1"><a rel="nofollow" class="external text" href="http://d18rn0p25nwr6d.cloudfront.net/CIK-0001093691/82b398c7-2973-4c38-9a8d-2c9208d409c9.pdf">Form 10-K</a> <span class="cs1-format">(PDF)</span> (Report). Plug Power Inc. 30 March 2001.</cite></span>

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<li id="cite_note-3"><span class="mw-cite-backlink"><b><a href="#cite_ref-3">^</a></b></span> <span class="reference-text"><cite class="citation web cs1"><a rel="nofollow" class="external text" href="https://sec.report/Document/0001193125-05-151346/">"SEC Form 424B5 Plug Power Inc 424B5 - Prospectus"</a>. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20211101005552/https://sec.report/Document/0001193125-05-151346/">Archived</a> from the original on 2021-11-01<span class="reference-accessdate">. Retrieved <span class="nowrap">2021-10-29</span></span>.</cite></span>

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<li id="cite_note-4"><span class="mw-cite-backlink"><b><a href="#cite_ref-4">^</a></b></span> <span class="reference-text"><cite class="citation news cs1"><a rel="nofollow" class="external text" href="http://www.marketwatch.com/story/plug-power-ships-first-production-progen-engines-for-electric-vehicle-range-extenders-2017-02-08">"Plug Power Ships First Production Progen Engines for Electric Vehicle Range Extenders"</a>. Marketwatch. February 8, 2017<span class="reference-accessdate">. Retrieved <span class="nowrap">February 13,</span> 2017</span>.</cite></span>

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<li id="cite_note-5"><span class="mw-cite-backlink"><b><a href="#cite_ref-5">^</a></b></span> <span class="reference-text"><cite class="citation news cs1"><a rel="nofollow" class="external text" href="http://finance.yahoo.com/news/plug-power-fuel-cells-power-173807753.html">"Plug Power Fuel Cells Power USPS Lift Truck Fleet in Maryland"</a>. <i>Yahoo! Finance</i>. February 16, 2017<span class="reference-accessdate">. Retrieved <span class="nowrap">February 21,</span> 2017</span>.</cite></span>

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<li id="cite_note-6"><span class="mw-cite-backlink"><b><a href="#cite_ref-6">^</a></b></span> <span class="reference-text"><cite class="citation web cs1"><a rel="nofollow" class="external text" href="https://www.greencarcongress.com/2020/02/20200218-plugpower.html">"Plug Power introduces new fuel-cell system for heavy duty on-road applications"</a>.</cite></span>

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<li id="cite_note-7"><span class="mw-cite-backlink"><b><a href="#cite_ref-7">^</a></b></span> <span class="reference-text"><cite class="citation web cs1"><a rel="nofollow" class="external text" href="https://www.h2bulletin.com/sk-group-to-invest-1-5-billion-in-plug-power-to-develop-hydrogen-business/">"SK Group to invest $1.5 billion in Plug Power to develop hydrogen business"</a>. 7 January 2021.</cite></span>

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<li id="cite_note-8"><span class="mw-cite-backlink"><b><a href="#cite_ref-8">^</a></b></span> <span class="reference-text"><cite id="CITEREFClaudia_Assis2021" class="citation web cs1">Claudia Assis (January 12, 2021). <a rel="nofollow" class="external text" href="https://www.marketwatch.com/story/plug-power-stock-rallies-to-nearly-15-year-high-after-analyst-calls-renault-deal-validating-11610478111">"Plug Power stock rallies to nearly 15-year high after analyst calls Renault deal 'validating'"</a>. <i>www.marketwatch.com</i><span class="reference-accessdate">. Retrieved <span class="nowrap">January 12,</span> 2021</span>.</cite></span>

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<li id="cite_note-9"><span class="mw-cite-backlink"><b><a href="#cite_ref-9">^</a></b></span> <span class="reference-text"><cite id="CITEREFAssis2021" class="citation web cs1">Assis, Claudia (17 March 2021). <a rel="nofollow" class="external text" href="https://www.marketwatch.com/story/plug-power-to-restate-financial-statements-stock-plunges-11615930211">"Plug Power to restate financial statements, stock plunges"</a>. <i>MarketWatch</i><span class="reference-accessdate">. Retrieved <span class="nowrap">2021-03-18</span></span>.</cite></span>

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<li id="cite_note-10"><span class="mw-cite-backlink"><b><a href="#cite_ref-10">^</a></b></span> <span class="reference-text"><cite class="citation pressrelease cs1"><a rel="nofollow" class="external text" href="https://www.prnewswire.com/news-releases/johnson-fistel-llp-files-class-action-suit-against-plug-power-plug-announces-expanded-class-period-301283986.html">"Johnson Fistel, LLP Files Class Action Suit Against Plug Power (PLUG) Announces Expanded Class Period"</a> (Press release).</cite></span>

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<li id="cite_note-11"><span class="mw-cite-backlink"><b><a href="#cite_ref-11">^</a></b></span> <span class="reference-text"><cite class="citation web cs1"><a rel="nofollow" class="external text" href="https://www.hydrogenfuelnews.com/hydrogen-refueler-plug-power/8559291/">"Mobile Hydrogen Refueler Solution Among Plug Power Analyst Day Unveilings - H2 News"</a>. 23 June 2023.</cite></span>

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<div class="mw-heading mw-heading2"><h2 id="External_links">External links</h2></div>

<ul><li><span class="official-website"><span class="url"><a rel="nofollow" class="external text" href="https://www.plugpower.com">Official website</a></span></span></li>

<li>Business data for Plug Power Inc.: <style data-mw-deduplicate="TemplateStyles:r1129693374">

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</style><div class="hlist inline"><ul><li><a rel="nofollow" class="external text" href="https://www.google.com/finance/quote/PLUG:NASDAQ">Google</a></li><li><a rel="nofollow" class="external text" href="https://www.reuters.com/markets/companies/PLUG.O">Reuters</a></li><li><a rel="nofollow" class="external text" href="https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=1093691">SEC filings</a></li><li><a rel="nofollow" class="external text" href="https://finance.yahoo.com/quote/PLUG">Yahoo!</a></li></ul></div></li></ul></div><div><div class="zim-footer">

This article is issued from <a class="external text" title="Last edited on 2025-06-28" href="https://en.wikipedia.org/wiki/?title=Plug_Power&oldid=1297770044">Wikipedia</a>. The text is available under <a class="external text" href="https://creativecommons.org/licenses/by-sa/4.0/deed.en">Creative Commons Attribution-Share Alike 4.0</a> unless otherwise noted. Additional terms may apply for the media files.

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